E6-12B. Lower-of-Cost-or-Net Realizable Value Method The following data refer to the Fanning Compa- ny's ending inventory: Item Code LXQ.. KWT MOR. NES Quantity Unit Cost Net Realizable Value 60 $40 $48 260 38 34 400 25 20 100 26 32 Calculate the value of the company's ending inventory by using the lower-of-cost-or-net realizable value method applied to each item of inventory.